Profits up 50% at Hayfield hotels firm

Pre-tax profits at the Kerry-based hotel group that operates the five-star Hayfield Manor in Cork city and the four-star Killarney Royal hotel climbed by over 50% to €5.43m last year.

New consolidated accounts filed by Tripoint Investments Ltd show revenues increased by 1.7% to €23m.

The business, which is owned by the Scally family, posted pre-tax profits of €3.59m in the previous year.

The accounts show the group owed directors and owners Joseph and Margaret Scally €3.8m at the end of last year.

The overall amount paid in salaries to key management, including members of the Scally family, totalled €303,811. Staff costs last year fell from €8.4m to €8m.

The directors of Tripoint state that they were satisfied with the performance of the group and expect the hotels to continue to be profitable.

The group’s operating profits last year increased by €1.8m to €5.8m. It had finance costs or interest payments of €458,742.

The group made a post- tax profit of €4.6m, after paying €826,498 in corporation tax. At the end of December, the group had shareholder funds of €22m, including accumulated profits of €10m.

The group’s cash during the year reduced from €4m to €1m. The profit takes account of non-cash depreciation costs of €940,316.

On its future developments, the directors state the group plans to continue its present activities and current trading levels. The uncertainties facing the company include competition and potential cybersecurity threats, they said.